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View Diary: Who Are You? - What's Your Income (with Poll) (221 comments)

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  •  Credit Card Debt vs. Saving (0+ / 0-)

    Thanks for your reply Alegre; (you're the 1st to reply to one of my comments! I hope not the last).

    My wife and I have argued for many years about paying down our credit card debt versus saving on a consistent basis.

    She insisted we put something, anything, aside every week, I insisted we eliminate the debt first, and then put some aside. I felt cash-flow demanded it! We always ended our arguing with a major impasse; we agreed to disagree.

    We'll have been married for 25 years in September, and the only, ONLY, thing we have argued about is calculating cash-flow; (sources and uses of income). We approach the formulas from Mars and Venus, if you know what I mean?

    So, after one healthy battle, that interrupted a special day for the two of us. I promised to budget a fixed amount into savings every week, as a loving gesture, and to settle the issue once and for all. Either she would see my point or I would learn something new.

    Well, its been a few years, I admit, since we've been doing both; (saving and paying down debt). I'm shocked and relieved to admit that she was right! The slow accumulation of savings started to mitigate the stressful burden of a debt-only, protect cash-flow, view of our finances.

    Now we never fight, well maybe not never, now we fight about how to spend some of it; (AHHH! don't get me going!)

    Good luck and try to save just a little each week, it'll reduce the stress over the long run.  

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